After acquiring the operations of AFINIDAD AFAP en Uruguay, Grupo Sura will introduce new products into the country such as voluntary savings funds and life insurance, although this will require regulatory changes.

On his visit to Uruguay, the executive president for Latin America of Grupo Sura, Andrés Castro, said that in addition to maintaining leadership among the private Pension Savings Fund Managers (AFAPs), the group will seek to import “innovative offers for the Uruguayan public.” Among the products to be introduced he mentioned “insurance with savings,” as well as the multifunds, which enable diversifying investments. “Hopefully there will be a tax incentive sometime soon to make Uruguayans save more, because these savings act as an investment in the economy, and that is very virtuous,” he said.

These types of products “dominate the offer” in more developed countries like Chile and Brazil. They are usually voluntary contributions by clients for obtaining better pension benefits in future. “There is a gap in Uruguay, because this industry is more developed in countries with similar purchasing power,” he added.

He also said that the multifunds generate additional options for members. “They are very necessary because they enable protecting the return of members who are closer to retirement age from market fluctuations, but they also allow younger people to access products with better long-term returns.”

He added that the process of changing the AFAP’s name to “AFAP SURA” has begun, and that this will depend on the approval of the Central Bank.

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